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Wall Street Set For A Better Start

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On a busy earnings day, Jobless claims and durable goods orders are the major focus. The domestic markets may also focus on some key earnings to be released on Thursday by major corporates such as MasterCard, UPS, Bristol- Myers, Verizon, Procter & Gamble, Twitter, etc. Asian shares closed broadly higher, while European shares are trading higher. Earlier suggestions from U.S. Futures Index point to a higher opening for Wall Street.

As of 6.30 am ET, the Dow futures were adding 22 points, the S&P 500 futures were up 4.00 points and the Nasdaq 100 futures were progressing 30.50 points.

U.S. stocks closed higher on Wednesday. All three equity benchmarks finished at all-time highs, with the S&P 500 index flat at 2,477, and the Nasdaq Composite Index up 0.2% at 6,422. The Dow ended up 97 points, or 0.5%, at 21,711.

On the economic front, Durable Goods Orders for June will be released at 8.30 am ET. The economists are looking for growth consensus of 3.5 percent, compared to a decline of 1.1 percent a year ago.

Census Bureau's International Trade in Goods for June will be published at 8.30 am ET. The consensus is for a decline of $65 billion, almost in line with $65.9 billion last month.

The Labor Department's Jobless claims for the week will be revealed at 8.30 am ET. The economists are looking for 240K, up from 233K a week ago.

Chicago Fed National Activity Index for June will be issued at 8.30 am ET. The consensus is for growth of 0.10, compared to a decline of 0.26 last month.

The Energy Information Administration or EIA 's weekly information on natural gas stocks in underground storage for the U.S. and three regions of the country, will be published at 10.30 am ET. In the previous week the change was 28 bcf.

The Fed's Balance Sheet for the week will be published at 4.30 pm ET. In the prior week, the level was at $4.477 trillion.

The Fed's Money Supply for the week will be issued at 4.30 pm ET. The M2 weekly change was $87.5 billion.

Seven-year Treasury Note auction will be held at 1.00 pm ET.

In the corporate sector, Xcel Energy Inc (XEL) reported an increase in second quarter profit to $227.26 million, or $0.45 per share from $196.80 million, or $0.39 per share last year. Revenue for the quarter rose 5.6 percent to $2.64 billion from $2.50 billion a year ago.

Praxair Inc (PX) reported a second quarter profit of $421 million or $1.46 per share, up from $399 million or $1.39 per share in the prior year. Revenue for the quarter rose 6 percent to $2.83 billion from $2.67 billion last year.

Asian stocks rose on Thursday. Chinese shares ended little changed. The benchmark Shanghai Composite closed up 2.11 points or 0.06 percent at 3,249.78 while Hong Kong's Hang Seng index finished 190.15 points or 0.71 percent at 27,131.17.

Japanese shares edged up. The Nikkei average recouped early losses to end up 29.48 points or 0.15 percent at 20,079.64. The broader Topix index closed 0.37 percent higher at 1,626.84.

Australian shares extended gains for a third consecutive session. The S&P/ASX 200 index edged up 8.40 points or 0.15 percent to 5,785 while the All Ordinaries index ended up 8.90 points or 0.15 percent at 5,832.20.

Europeans shares are trading broadly higher. CAC 40 of France is up 19.47 points or 0.38 percent. DAX of Germany is declining 67.57 points or 0.55 percent. FTSE 100 of England is dropping 5.99 percent or 0.08 percent. Swiss Market Index is up 31.76 points or 0.35 percent.

Euro Stoxx 50, provides a Blue-chip representation of supersector leaders in the Eurozone, is slipping 0.01 percent.

by RTT Staff Writer

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